Jaypee Infra homebuyers’ body urge flat owners, lenders to vote for NBCC bid
To acquire Jaypee Infratech, NBCC competitor Suraksha realty in its latest bid is offering more land and upfront payment to lenders to Rs 190 crore from Rs 175 crore offered in its revised offered submitted on December 3. Suraksha Realty has also improved land-debt swap deal to 2,320 acres from 2,220 acres.Updated: Dec 14, 2019 14:13 IST
The homebuyers association of Jaypee Infratech Ltd. has urged all flat owners and lenders to vote in favour of National Buildings Construction Corporation (NBCC) to acquire the realty firm.
The homebuyers body said NBCC, a state-run firm, has the experience of developing several large projects and township in the national capital region (NCR).
Two enterprises - NBCC and Suraksha Realty - are in the fray to acquire Jaypee Infratech through the ongoing insolvency process. Suraksha Realty is a non-government company.
On December 7 this year, a committee of creditors (COC) had come to the conclusion that the homebuyers and lenders of Jaypee Infratech will at the same time vote on the bids of NBCC Ltd and Suraksha Realty.
The process of voting commenced on December 10 and will be on till December 13. For a bid to be approved, 66 per cent of votes are needed.
At least 13 banks and more than 23,000 homebuyers hold voting rights in the COC. Around 58 per cent of the total vote is constituted by buyers.
Aaditya Gutgutia, spokesperson for 9A, the consortium of nine homebuyers associations, said customers want successful resolution and are not averse to the plan of either of the two bidders.
“But there are certain essential criteria that steer NBCC much ahead in comparison to the other bidder,” Gutgutia, was quoted as saying by news agency PTI.
He further said that Jaypee Wishtown Noida is a huge project with 25,000 unfinished flats and only NBCC has the experience of developing such large townships in NCR.
“The support of the government and NBCC’s navratna PSU status has instilled confidence in homebuyers,” he added.
The association is urging the homebuyers residing in different cities to vote for the resolution plan of NBCC.
The third round of bidding has started following the directives of the Supreme Court.
To acquire Jaypee Infratech, NBCC competitor Suraksha realty in its latest bid is offering more land and upfront payment to lenders to Rs 190 crore from Rs 175 crore offered in its revised offered submitted on December 3. Suraksha Realty has also improved land-debt swap deal to 2,320 acres from 2,220 acres.
On the other hand, NBCC in its revised bid has offered 1,526 acres of land.
On November 6, the country’s top court ordered to completion of Jaypee Infratech’s insolvency process within 30 days saying that the revised resolution plan will be invited only from NBCC and Suraksha Realty.
Jaypee Infratech is a subsidiary of Jaiprakash associate and went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI bank-led consortium.